Financial watchdog approves apartment rental fund management firm

The Polish Financial Supervision Authority said on Tuesday that it has approved the establishment of a fund management company by state-owned lender Bank Gospodarstwa Krajowego (BGK). The company, named BGK TFI, will be used by BGK to manage a fund investing into apartments for rent, which was established as part of the governments economic stimulation package, approved last year. The Apartments for Rent Fund will invest up to zł.5 billion into up to 20,000 new apartments. BGK will also establish BGK Nieruchomości to manage the acquired assets.